Shares in Hologic (NSDQ:HOLX) fell today despite the medical device maker posting 2nd quarter earnings that beat expectations on Wall Street.
The Marlborough, Mass.-based company posted profits of $526.8 million, or $1.84 per share on sales of $715.4 million for the 3 months ended April 1, for bottom-line growth of 664% while sales grew 3.2% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 50¢, ahead of the 46¢ consensus on Wall Street, where analysts were looking for sales of $685.4 million
“Hologic posted good financial results in the second quarter, with both revenues and EPS exceeding our guidance. Our base business revenue grew 5.4% on a constant currency basis, led by our molecular diagnostics, surgical and international franchises. And at the same time, it was a transformational quarter from a strategic perspective, as we strengthened our portfolio of businesses for the long-term,” prez & CEO Steve MacMillan said in a prepared statement.
Hologic updated its guidance for the full fiscal 2017 year, raising expectations for revenue increase from between -1.7% and -0.3% to between 7.7% and 8.7%. Revenue is expected to be between $3 billion and $3.1 billion with earnings per share between $2.44 and $2.48.
“We are updating our 2017 financial guidance based on our good second-quarter results and the completion of our Cynosure acquisition. Underlying our forecast, we continue to expect solid, mid-single-digit growth in our ongoing, base business,” CFO Bob McMahon said in a press release.
Shares in Hologic have lowered 5.1% today, at $43.60 as of 3:52 p.m. EDT.
